EEM , XEM Emerging markets

From previous blogs (Jan 22, 2011) we had this set of charts. The EEM is an ETF in US$ and the XOM is in Canadian dollars;

Today they look like this:

The EEM topped 3/4 months later than expected but added only 2 or 3 dollars but we are down 24%. The XEM did not go higher but did sort of triple top, it is down slightly less but seems to be doing it more rapidly. If history repeats itself emerging markets could decimate your portfolio, not because they are inferior but because they are less liquid.